Alaska Energy Authority v. Fairmont Insurance Co.

OPINION

COMPTON, Justice.

This case arises out of a claim by the Alaska Energy Authority (AEA), formerly the Alaska Power Authority, against a contractor’s performance bond issued by Fair-mont Insurance Company (Fairmont). AEA appeals a summary judgment holding that the time limitation in the performance bond barred AEA from bringing suit. We reverse.

I. FACTUAL AND PROCEDURAL BACKGROUND

AEA entered into a contract with Wy-man Construction Company (Wyman) for the repair and reconstruction of the Chester Lake Dam. The contract was for the sum of $1,527,000. Fairmont executed performance and…